You have waited a long time to get Social Security! It may sound like the opposite of what you want to do, by putting off drawing social security may actually pay off in the long run in some situations.
If you claim retirement benefits at the earliest possilbe age-62- you take a permanently reduced benefit. That is generally 75% of what you are entitled to based on your earnings record. In addition, if you continue to work, you may be penalized if you earn more than the annual limit.
If you wait until full retirement age 66 or 67, depending on the year you were born, you will receive your full retirement benefit.
If you delay taking social security even longer, you get an 8 % increase for every year you wait until age 70. That represents a potential increase of 32%!
You can also stop (suspend) benefits and get back some of the delayed benefit.
If you were born before January 1, 1954, you may be eligible for benefits on your spouse’s record. You can file for spousal benefits at full retirement age and let your own retirement benefits grow until age 70. To do this, your spouse must qualify for retirement benefits.
If you are divorced, you may still be eligible to receive spousal benefits.
Each situation is different and planning is so important! Please call our office if you have questions.